Historically, B2B sales were primarily a matter of face-to-face, physical contact. Often, the “road warriors” of those times would spend the majority of their weeks traveling to visit with customers and prospects at their places of business, or meeting them at trade shows.
But the turn away from that traditional model began in the 1980s and 1990s with building security concerns. Then along came 9/11 …
Technology has played a big part in the evolution — and has actually helped accelerate it with e-mail, database management, digital advertising, online RFP pricing/bid systems and other innovations affecting the nature of customer engagement.
Let’s not forget social networks, too — with LinkedIn being a particularly lucrative tool assisting many sales and marketing professionals in finding and nurturing prospects.
Somewhere along the way, the functions of marketing became much more than merely branding, advertising, and lead generation. Today, BtoB marketing is involved in every stage of the customer relationship.
Along comes COVID-19 in early 2020, which seems certain to drive further change. For one thing, virtual engagement has become a necessity instead of a merely an option.
At the same time, one could posit that customer retention has taken on more importance than ever before. It’s no wonder we’re hearing the phrase “retention is the new acquisition” stated with such frequency at the moment.
International strategic business advisor Roger McDonald believes that business has come full circle, returning to Peter Drucker’s classic maxim from more than 30 years ago: “Business has only two functions: marketing and innovation. These produce revenues. All others are costs.”
In McDonald’s view:
“Perhaps we are at a tipping point, where senior management will move beyond metrics of lead generation to nurture marketing’s evolving role as an organizer of systems, IT initiatives, and salesperson engagement for both acquisition and retention.”
One thing seems quite clear as we emerge from nearly three months of mandated COVID-isolation: We won’t return to an “old normal.” Those eggs have already been broken and scrambled.
What are your thoughts on which BtoB marketing and sales fundamentals have changed in light of the coronavirus disruption? Please share your thoughts with other readers in the comment section below.